uTrade, an open source financial trading technology company based in India, has announced on Wednesday the launch of ‘uClear’ which is India’s first blockchain technology solution for real-time clearing and settlement for financial markets.

Elucidating about the company’s debut on blockchain technology, co-founder, and CEO of uTrade Solutions, Kunal Nandwani said, “We believe Blockchain is a very powerful technology that will dramatically change the way the financial services industry operates. Discussing blockchain today is like discussing the internet in 1996. There was a lot of hype, a mix of potential and skepticism. Eventually, the internet did change our lives for the better. The same is what we foresee with blockchain.”

The press release said that UK-based Global Markets Exchange Group (GMEX Group) will  be the first to integrate uClear in July 2016 through its GMEX Technologies (GMEX Tech) subsidiary. GMEX Tech is supported by its development partner Forum Trading Solutions (Forum).

The initial stage of integration will be led by the Over-the-Counter (OTC) segments without existing central clearing infrastructures like foreign exchange (FX) and the fixed income securities markets.

Talking about integrating uClear, Hirander Misra, CEO of GMEX Group who is also the chairman of Forum said, “We are excited by blockchain’s potential and are in line with GMEX Tech’s focus on fin-tech innovation and we are exploring a hybrid model.” He further added, “This helps both GMEX Group and our exchange clients to adapt in an era of rapid change and facilitates greater transparency for the regulators. We look forward to continuing our partnership with uTrade Solutions as we work towards the evolution of hybrid market infrastructure.”

uClear, built on the widely used blockchain technology - Multichain, will enable exchanges and trading venues to clear trades after the execution with higher efficiency through a private blockchain. The blockchain solution is integrated with features like reporting, real-time risk management and transfer instruction generation.

In December 2015, Nasdaq Link which was NASDAQ’s first stock exchange that used blockchain technology to successfully record a private securities transaction.

With a debut in the blockchain, Harwinder Sidhu, CTO and co-founder, uTrade Solutions said, “At uTrade, the focus is to keep building Blockchain solutions and integrate them with our global clients including exchanges, brokers, and other financial institutions. We are ramping up our R&D efforts in order to have a pipeline of products, that is likely change the face of global financial markets.”

Established in 2011, uTrade Solutions is an open source financial trading technology company providing multi-asset trading platforms, order & risk management systems, low latency infrastructure with algorithms, pre and post trade analytics, and data analytics products. Its products are widely used by global financial institutions and their end customers.